There are others far more able than I to address this properly, but the recent news regarding problems at Paragon will, I am sure, have severe implications for Manure. Although there is no direct link between the two, the fact that United will need to re-finance some of their borrowing soon means they will not welcome the news. Paragon is a buy-to-let mortgage company which has relied on the wholesale money markets to provide funds which it then advances to would-be landlords. Apparently it has a £280m loan facility due for repayment in February and it cannot re-finance this on commercial terms, so it is planning a rights (i.e. share) issue. It remains to be seen if this rights issue is a success.

This is Northern Rock again, on a smaller scale, but if companies backed by hitherto super secure property are finding finance is becoming too expensive, then you can be sure that the interest rates which will be offered to Manure when its loans are up for renewal will be more expensive too. I think you will find that the interest on some or all of the Manure loans are being capitalised, i.e. - added to the loan, so the sums owed are growing even faster than we might think. Given that Manure cannot increase capacity any more, and may not be able to increase prices much more, they risk hitting a financial wall at some point. My bet is that wall is not very far away.

Whatever Arsenal fans might think of the board and its financial strategy, the fact that Arsenal's borrowings were fixed well before the credit crunch emerged and are not being rolled over means that Arsenal's finances are not only strong in absolute terms, but are now even stronger in relative terms compared to Manure and I suspect Liverpool who, I believe, are or will be funded in a broadly similar way.

There has been speculation that the Glazers have a seven year exit timetable at Manure. If the financial situation regarding loans does not improve, they will need to sell even earlier than this, meaning the intended profit is not as great. Maybe Alisher Usmanov could move in! The reality of such a suggestion is that Usmanov would have to drop his stake in Arsenal to below 10% and ironically, it follows that the shares he bought from David Dein are currently what would stop him jumping ship. Shame, some would see the Red Devils and Jabba the Uzbek as a match made in heaven!